Shurwid Industries will transfer its 2.6 million shares to NRB Bank for settling the company's liabilities of Tk 97.30 million to the bank.
The shares will be handed over to the bank from the holdings of three ex-directors of the company who were the guarantors of the loan.
According to a disclosure posted on the DSE website on Tuesday, an agreement has been signed between the three ex-directors of the company and the bank regarding settlement of the loan liabilities.
The ex-directors are Zahedul Hoque, Anis Ahmed and Sayeda Sayma Akter.
"As per the agreement, the guarantors of the company will hand over 2.6 million shares of the company holding by them to NRB Bank against liabilities of Tk 97.30 million," said the disclosure of Shurwid Industries.
After transferring the shares, the company's liabilities will be adjusted and they will be relieved of the personal guarantees, financial expenses of the company will be reduced, net profit and EPS will be increased, the company said.
Engineer Mahmudul Hasan, chairman of the Shurwid Industries, said the NRB Bank would be a corporate shareholder of the company on receipt of the shares.
"The bank can appoint a director, if it intends to, at the company's board as it will hold 5.0 per cent shares," he said.
The company's share price closed at Tk 23.10 each on Tuesday with a rise of 6.25 per cent or Tk 1.4.
